This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as pounds.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+2114 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
The pound or pound-mass is a unit of mass used in both the British imperial and United States customary systems of measurement. Various definitions have been used; the most common today is the international avoirdupois pound, which is legally defined as exactly 0.45359237 kilograms, and which is divided into 16 avoirdupois ounces. The international standard symbol for the avoirdupois pound is lb; an alternative symbol (when there might otherwise be a risk of confusion with the pound-force) is lbm (for most pound definitions), # (chiefly in the U.S.), and ℔ or ″̶ (specifically for the apothecaries' pound).
The unit is descended from the Roman libra (hence the abbreviation "lb"). The English word pound is cognate with, among others, German Pfund, Dutch pond, and Swedish pund. These units are now designated as historical and are no longer in common usage, being replaced by the metric system.
Usage of the unqualified term pound reflects the historical conflation of mass and weight. This accounts for the modern distinguishing terms pound-mass and pound-force.